Wholesale Mortgage Services of Wisconsin, LLC.

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D

D.R. / Debt Ratio

The customer's monthly obligations divided by their monthly gross income. See also Back End.

Deed

Legal document which conveys the title to a property.

Deed of Trust

A document used which pledges real property to secure a debt. In some cases a deed of trust can replace a mortgage.

Default

Failure to meet legal obligations in a contract, specifically, failure to make the monthly payments on a mortgage.

Delinquency

Failure to make payments on time. This can lead to foreclosure.

Department of Veterans Affairs

An independent agency of the federal government which guarantees long-term, low- or no-down payment mortgages to eligible veterans. (VA)

Discharge

Following a completed bankruptcy proceeding, discharged debts are no longer owed or collectable. We will require copies of the discharge papers on any prior bankruptcy filings.

Discount Points

Prepaid interest assessed at closing by the lender. Each point is equal to 1 percent of the loan amount (e.g. two points on a $100,000 mortgage would cost $2,000).

Down Payment

Money paid to make up the difference between the purchase price and mortgage amount. Down payments usually are 10 percent to 20 percent of the sales price on Conventional loans, and no money down up to 5 percent on FHA and VA loans.

Due-On-Sale Clause

A provision in a mortgage or deed of trust that allows the lender to demand immediate payment of the balance of the mortgage if the mortgage holder sells the home.